NovoCure (NASDAQ:NVCR) Sets New 52-Week Low – What’s Next?

NovoCure Limited (NASDAQ:NVCR)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $10.79 and last traded at $11.0450, with a volume of 205171 shares changing hands. The stock had previously closed at $11.27.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NVCR shares. Weiss Ratings restated a “sell (e+)” rating on shares of NovoCure in a research note on Wednesday, October 8th. Wells Fargo & Company restated an “equal weight” rating and issued a $14.50 price target (down from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Wedbush reaffirmed a “neutral” rating and set a $18.00 price objective on shares of NovoCure in a research report on Tuesday, September 30th. HC Wainwright increased their price objective on shares of NovoCure from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. decreased their target price on NovoCure from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, NovoCure presently has a consensus rating of “Hold” and an average target price of $27.36.

NovoCure Stock Down 3.7%

The stock’s fifty day moving average is $13.10 and its two-hundred day moving average is $14.94. The stock has a market capitalization of $1.21 billion, a P/E ratio of -6.74 and a beta of 0.80. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.55 and a quick ratio of 1.50.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, October 30th. The medical equipment provider reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. The firm had revenue of $167.20 million during the quarter, compared to analysts’ expectations of $158.81 million. NovoCure had a negative return on equity of 50.29% and a negative net margin of 27.66%.The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.28) earnings per share. As a group, research analysts predict that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NovoCure news, CEO Ashley Cordova purchased 81,550 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were bought at an average price of $12.22 per share, for a total transaction of $996,541.00. Following the purchase, the chief executive officer directly owned 437,569 shares in the company, valued at $5,347,093.18. This trade represents a 22.91% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NovoCure

Several institutional investors have recently bought and sold shares of NVCR. SJS Investment Consulting Inc. acquired a new position in shares of NovoCure during the 3rd quarter valued at about $41,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of NovoCure by 17.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider’s stock valued at $77,000 after purchasing an additional 629 shares during the period. Headlands Technologies LLC acquired a new stake in shares of NovoCure in the second quarter worth $88,000. Acadian Asset Management LLC acquired a new stake in shares of NovoCure in the first quarter worth $87,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of NovoCure by 463.8% during the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider’s stock worth $116,000 after buying an additional 5,371 shares during the period. 84.61% of the stock is currently owned by institutional investors.

About NovoCure

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company’s TTFields devices include Optune Gio and Optune Lua.